Filing Flows › Carlyle Group (CG) › Q2 2025
Carlyle Group (CG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 8, 2025
Carlyle Group (CG) reported revenue of $1.6B for the second quarter 2025 (Q2 2025), +47% from a year earlier and +62% from the quarter before. Operating margin was 25.0%, net earnings $320M (20.3% of revenue).
Carlyle Group, Q2 2025: revenue $1.6B (+47% year over year), operating margin 25.0%, net earnings $320M, operating cash flow −$169M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.6B | +62% | +47% |
| Operating profit | $394M | +139% | +76% |
| Net earnings | $320M | +146% | +116% |
| Operating cash flow | −$169M | — | — |
What changed
Revenue was $1.6B in Q2 2025, up 47% year over year and up 62% from the previous quarter.
Operating profit was $0.39B, a 25.0% margin (up 4.1 points year over year). Of the extra revenue versus a year earlier, 34% reached operating profit, above the 21% margin then. Total costs grew 39% against revenue growth of 47%. Net earnings were $0.32B, up 116% year over year. The effective tax rate was 25.5%.
Operating cash flow was −$0.17B. Non-cash charges added back $0.05B of depreciation and amortization and $0.09B of share-based compensation. Working capital and other items used $0.64B. Capital expenditures of $0.02B exceeded it, leaving free cash flow of −$0.19B.
Questions
What was Carlyle Group's revenue in the second quarter 2025?
Carlyle Group (CG) reported revenue of $1.6B for the second quarter 2025 (Q2 2025), +47% from a year earlier and +62% from the quarter before.
Was Carlyle Group profitable in the second quarter 2025?
Operating profit was $394M (25.0% of revenue) and net earnings $320M.
Source: Carlyle Group 10-Q on SEC EDGAR.